Which of the Following Terms in a Contract for the Sale

question 20

Multiple Choice

Which of the following terms in a contract for the sale of goods requires the seller to insure the goods?

• A)FOB
• B)FAS
• C)CIF
• D)C & F

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Definitions:

Equilibrium Price

The market price at which the quantity of an item demanded by consumers equals the quantity supplied by producers, leading to market stability.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.

Diagram

A graphical representation used to illustrate relationships between different elements or steps in a process.

Corn-based Product

Goods derived from corn, including food items, biofuels, and industrial products.